Climate Insanity: Fossil Fuel Subsidies Show a Sharp Rise in 2021:

An analysis published this week found that
government subsidies bolstering the production and consumption of coal,
oil, and gas nearly doubled in 2021, even as climate scientists warned
that fossil fuel development must be rapidly cut off if the
international community is to have any hope of stopping runaway
planetary warming.

Data compiled by
the Organization for Economic Cooperation and Development (OECD) and
the International Energy Agency (IEA) shows that 51 governments around
the world—including the United States, Germany, Canada, China, Russia,
and Saudi Arabia—provided a combined $697.2 billion in tax breaks and
other handouts to the fossil fuel industry last year, up from $362.4
billion in 2020.

The International Monetary Fund has estimated that total global fossil fuel subsidies amounted to nearly $6 trillion in 2020.

“The insanity continues,” climate scientist Bill McGuire tweeted in response to the new figures.

Climate Insanity: Fossil Fuel Subsidies Show a Sharp Rise in 2021: An analysis published this week found that
government subsidies bolstering the production and consumption of coal,
oil, and gas nearly doubled in 2021, even as climate scientists warned
that fossil fuel development must be rapidly cut off if the
international community is to have any hope of stopping runaway
planetary warming.Data compiled by
the Organization for Economic Cooperation and Development (OECD) and
the International Energy Agency (IEA) shows that 51 governments around
the world—including the United States, Germany, Canada, China, Russia,
and Saudi Arabia—provided a combined $697.2 billion in tax breaks and
other handouts to the fossil fuel industry last year, up from $362.4
billion in 2020.The International Monetary Fund has estimated that total global fossil fuel subsidies amounted to nearly $6 trillion in 2020.“The insanity continues,” climate scientist Bill McGuire tweeted in response to the new figures.Read More